Forgive debt, yes, but increase aid to lower costs [View all]

[Yo_Mama_Been_Loggin]

It’s outrageous that U.S. taxpayers would have to foot the bill for — by one early estimate — some $700 billion for a bailout resulting from financial decisions for which taxpayers had no responsibility. Right?

No, not the student loan debt relief program that President Biden announced Thursday.

The $700 billion mentioned above was set aside as part of the Emergency Economic Stabilization Act of 2008, otherwise known as the big bank bailout. In truth, the Troubled Asset Relief Program used about $426 billion to purchase toxic assets from banks to keep them from going under. And in the end, more than $441 billion was recovered, generating a $15.3 billion profit for the U.S. Treasury. Along with that tidy profit, the program kept the Great Recession — as bad as it was — from hitting Americans even harder that it did.

This time the investment that Biden has outlined is not in banks but in 43 million Americans who have amassed about $1.75 trillion in student loan debt, pursuing educations and degrees intended to launch careers, support families, pay taxes and perform the jobs America needs filled now and in coming decades.

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https://www.heraldnet.com/opinion/editorial-forgive-debt-yes-but-increase-aid-to-lower-costs/